FSCA Probes PIC After CEO Patrick Dlamini's Suspension

The Financial Sector Conduct Authority (FSCA) launched a formal investigation into the Public Investment Corporation (PIC) under Section 135 of the Financial Sector Regulation Act on July 15, 2026. The regulator cited concerns over transparency, leadership stability, and the integrity of the financial system, noting the PIC manages over R3 trillion in assets.

This probe follows the July 14 precautionary suspension of CEO Patrick Dlamini. A whistleblower report submitted in June alleged governance failures, conflicts of interest, and irregularities regarding the PIC's handling of a dispute over Lanseria Airport. Specifically, Dlamini is accused of failing to recuse himself from matters involving former links to Lanseria-linked entities and authorizing a PwC forensic investigation without board approval. The PIC board stated the suspension is a procedural measure to facilitate an independent investigation and does not constitute a finding of wrongdoing.

The leadership crisis includes reported clashes between Finance Minister Enoch Godongwana and PIC Chairperson David Masondo, who referred aspects of the Lanseria matter to the Special Investigating Unit. Additionally, the PIC appointed Leon Smit as acting Chief Investment Officer after August van Heerden ceased serving in the role following a resolution by the Government Employees Pension Fund, the PIC's largest client.